Time to aim for the cloud

Nick Eatock, chief executive officer of IntelliFlo, examines the development of cloud-based applications.

Recent years have seen staggering advancements in technology and the financial services industry has fully embraced the benefits these developments can bring. More and more people are using tablet laptops and now even the once-exclusive iPad has become commonplace as the gadget du jour of the financial services industry.

Undoubtedly, technology is the central hub for any business and is adopted for one common aim - to deliver value and efficiency to the user. This is true for all of us regardless of the different processes and systems we use.

Storage solutions

It doesn't seem long ago - as recently as the 1990's, in fact - that we were saving data onto floppy discs which would struggle to hold more than 240 MB. With the advent of CD-ROMs, along with portable hard disc drives and flash memory, problems surrounding the lack of storage seem a distant memory.

Technology is constantly updating and everyday devices are becoming smaller and more powerful. We are now able to access our data more efficiently and securely. In fact, remote access has become the norm, whether it's looking at emails, train times or bank statements.

Wireless technology is at the forefront of this revolution, ensuring that data can be streamed across the globe in real time with minimum effort or cost to the end consumer.

We are increasingly seeing web-based applications being brought into the mainstream as the current Windows 7 advert - "To the Cloud" - demonstrates. A few years ago, this would be the last thing you would expect to see on primetime television. It seems nothing will stop the online juggernaut as we see huge usage, not only in the business world, but also in the personal and leisure arenas.

A lot of technology suppliers have realised there is huge growth potential in supplying the consumer with the latest ‘do everything' gadgets. With the rapid advances in technology, we are seeing more and more functionality shoehorned into smaller and more powerful devices.

Consumer demand

But where does the demand come from? More people have bought into the wireless world and the lifestyle. Consumers find it a great way of keeping in touch and enjoy having access to levels of data they could never have had on the move before.

The statistics are impressive; social networking sites such as Facebook and Twitter are receiving incredible levels of traffic. Facebook has reported that 30 billion pieces of content (web links, news stories, blog posts, notes, photo albums) are shared on its platform each month. The web-based approach offers customers easy and real-time access in the way they want it.

From a business perspective, it's invaluable to have access to data and be able to liaise with clients and staff on the move. Just think of the amount of time saved by responding to urgent emails and the like, not to mention the convenience it provides.